Noteworthy Price Action: What’s Next for PNC Financial Services Group Inc After Making 52-Week High?

November 9, 2016November 9, 2016ruchigupta2

The stock of PNC Financial Services Group Inc (NYSE:PNC) hit a new 52-week high and has $163.47 target or 63.00% above today’s $100.29 share price. The 8 months bullish chart indicates low risk for the $48.91 billion company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $163.47 price target is reached, the company will be worth $30.81B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.89M shares traded hands. PNC Financial Services Group Inc (NYSE:PNC) has risen 18.62% since April 7, 2016 and is uptrending. It has outperformed by 13.84% the S&P500.

PNC Financial Services Group Inc (NYSE:PNC) Ratings Coverage

Out of 18 analysts covering PNC Financial Services (NYSE:PNC), 5 rate it a “Buy”, 1 “Sell”, while 12 “Hold”. This means 28% are positive. PNC Financial Services has been the topic of 37 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Jefferies maintained it with “Hold” rating and $94 target price in Monday, September 26 report. The firm has “Equalweight” rating given on Monday, July 18 by Barclays Capital. The rating was downgraded by Nomura to “Neutral” on Monday, October 10. KBW upgraded PNC Financial Services Group Inc (NYSE:PNC) on Wednesday, September 2 to “Market Perform” rating. The firm has “Underperform” rating given on Monday, May 9 by Raymond James. The rating was upgraded by Bruyette & Woods;KBW; KBW” on Wednesday, September 2 to “Mkt Perform”. On Monday, March 14 the stock rating was downgraded by Atlantic Securities to “Neutral”. The rating was upgraded by Argus Research on Monday, October 17 to “Buy”. The company was initiated on Tuesday, March 22 by Societe Generale. As per Wednesday, January 6, the company rating was downgraded by Nomura.

Insitutional Activity: The institutional sentiment increased to 0.89 in 2016 Q2. Its up 0.04, from 0.85 in 2016Q1. The ratio is positive, as 59 funds sold all PNC Financial Services Group Inc shares owned while 337 reduced positions. 52 funds bought stakes while 299 increased positions. They now own 388.74 million shares or 0.81% less from 391.90 million shares in 2016Q1.
Barrett Asset Ltd Liability Com reported 1,705 shares or 0.01% of all its holdings. The Maryland-based Edgemoor Inv Inc has invested 2.23% in PNC Financial Services Group Inc (NYSE:PNC). Brown Advisory Secs Limited Co has invested 0.28% of its portfolio in PNC Financial Services Group Inc (NYSE:PNC). Tower Bridge Advsr accumulated 0% or 6,006 shares. Tarbox Group accumulated 0.01% or 207 shares. The Japan-based Nomura Asset Mgmt Limited has invested 0.13% in PNC Financial Services Group Inc (NYSE:PNC). The New York-based D E Shaw has invested 0.17% in PNC Financial Services Group Inc (NYSE:PNC). Prudential, a New Jersey-based fund reported 2.44M shares. Ibm Retirement Fund last reported 62,568 shares in the company. Jefferies Group Ltd Liability, a New York-based fund reported 47,838 shares. Loomis Sayles Lp last reported 720,023 shares in the company. Third Avenue Limited Liability Corp last reported 643,084 shares in the company. Pinnacle Wealth Mgmt Advisory Ltd holds 0.73% or 11,287 shares in its portfolio. Staley Advisers reported 9,195 shares or 0.08% of all its holdings. State Of Wisconsin Investment Board accumulated 820,652 shares or 0.27% of the stock.

Insider Transactions: Since July 21, 2016, the stock had 1 buy, and 6 insider sales for $17.64 million net activity. The insider HANNON MICHAEL J sold $2.38 million. Rockey Joseph E also sold $1.52 million worth of PNC Financial Services Group Inc (NYSE:PNC) shares. HESSE DANIEL bought 500 shares worth $41,220. The insider DEMCHAK WILLIAM S sold 82,500 shares worth $7.86 million. Shares for $953,168 were sold by Kozich Gregory H. Shares for $2.10 million were sold by Reilly Robert Q.

More news for PNC Financial Services Group Inc (NYSE:PNC) were recently published by: Nasdaq.com, which released: “Earnings Reaction History: PNC Financial Services Group Inc., 40.0% Follow …” on October 14, 2016. Forbes.com‘s article titled: “Ex-Dividend Reminder: PNC Financial Services Group, BankUnited and Clarcor” and published on October 11, 2016 is yet another important article.

PNC Company Profile

The PNC Financial Services Group, Inc. (PNC), incorporated on January 19, 1983, is a diversified financial services firm in the United States. The Firm has businesses engaged in retail banking, corporate and institutional banking, asset management and residential mortgage banking, providing its services and products nationally, as well as other services and products in its primary geographic markets located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, Florida, North Carolina, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Georgia, Missouri, Wisconsin and South Carolina. It also provides various services and products internationally. The Firm operates through six divisions: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.